What Is the Market Sentiment for Ethereum? Bullish or Bearish

• The amount of Ethereum held on derivatives exchanges is at its highest in over a year as traders speculate more actively.
• The increase in open interest indicates that more traders are placing bets on Ethereum’s price movements.

Ethereum [ETH] is currently lagging behind benchmarks like Bitcoin [BTC], showing a 6% decline over the past week, trading at $3,123 as of now.

The ongoing bearish trends for Ethereum stem from insufficient demand to counterbalance selling pressure. As previously reported by AskFX, sellers currently dominate the market dynamics, hindering any breakout attempts above key resistance levels.

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